Utah is in line to receive a $341,656 grant from the U.S. Small Business Administration to support its continued efforts to increase exporting by small businesses.
The grant is part of $30 million in funds from the SBA that is being made available to 47 states, the District of Columbia, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands. It is the second round of funding authorized under the Small Business Jobs Act that was launched last year to provided $60 million for state trade and export-promotion programs over a two-year period.
According to the SBA, Utah will use the new grant money to increase the number of trade missions and trade shows that will be organized to provide greater opportunities for Utah firms to connect with international buyers, distributors and other partners.
The target markets will be chosen based on the regions of the world that state trade development officials believe offer the best opportunities for Utah companies to be successful. Those efforts are projected to increase the sale of Utah products outside the U.S. by $6 million within the next two years.